The unemployed are fortunate to have an unemployed loan from credit institutions. It is enough to submit a conclusive file to reassure the creditors. If they prefer people with financial stability, it is not impossible for the unemployed to benefit from a loan for unemployed. Simply put the right arguments for the underwriting file and choose the right financial institution. By following the next steps, the unemployed will have the chance to benefit from a loan.
Prospects related to personal loan and unemployment
By closely studying the bank’s offers on loan proposals, it can be seen that even unemployed people are eligible for personal loans. The following points are then enviable solutions, if one is unemployed and one thinks about the possibility of borrowing money from the bank. There are then three possibilities when we talk about unemployed loans.
An unemployed loan with down payment
This type of personal loan is also called, personal loan with down payment. It is an initiative of the debtor to give a deposit of about 10% of the total amount of the loan to his bank. A solution that is only possible for people with low expenses (no rent, low daily expenses, etc.). The personal loan with downstream also authorizes, to call on a third person to act as guarantor. The latter undertakes to honor your responsibilities in the event of difficulties. However, the guarantor in question must be approved by the National Bank Belgium before acquiring the status of co-borrower.
A loan pledging a property
Better known as the personal mortgage loan, an unemployed person can take out a loan if he pledges his property or any other valuable property whose securities are in his name. The amount of the unemployed loan will, therefore, be equal to the value of your property. Unlike conventional loans, this formula will require the presence of a notary to certify your commitment to repay this mortgage personal loan.
A loan to rebound financially
People without jobs also have the opportunity to apply for a loan to recover financially. This is a start-up loan for unemployed for € 30,000 and a fixed rate of 4%. The credit requested will serve as a starting point for starting a business or any activity intended to bring in money. The person requesting this kind of loan, however, will have to meet certain criteria. The main requirement is to be job seekers for more than 3 months, without positive feedback to his applications. In other words, you must provide the bank with proof that you are considering a launch project approved by the Participation Fund.
An application for a personal unemployment loan in concrete
People considering an unemployed loan know that their applications to apply for an unemployed credit must be in concrete. A particularly interesting file to convince banking organizations. In order to put all the chances on his side, it is possible to prepare his file with the help of an expert. A seasoned broker happens to be the most appropriate person to provide sound advice. It can also, intervene in your favor, as to the relevance of your motivations.
When applying for an unemployed loan, the latter hopes to obtain a loan at a reasonable rate and whose repayments will be up to his means. The intervention of a broker can tip the balance in his favor. It is important to keep in mind, the delicacy of this kind of personal loan. Financial officers will be scrutinized, every aspect of the application. The project must be irreproachable and fully supported. These criteria are essential and generate some pressure while awaiting validation.
The administrative steps of a personal unemployment loan
In order to validate your application for credit for unemployed, you will need to provide some essential parts. The list differs little from conventional loans. You must provide your bank with all the details of your personal identity, a certificate of non-employment, the property titles of your property to be pledged (if necessary), the energy bills and the various statements for the last three months and especially the details about your co-borrower. The file will then have to demonstrate to the agent who will analyze it, that the risks of non-solvency are infinitesimal.
Another essential step when subscribing to an unemployment credit, compare the offers. The banking industry is a competitive market. Financial organizations offer various offers at various rates. In order to find the offer that suits you, use the credit comparison tool. The information gathered thanks to this approach, will also support the content of the file. With the data and statistics at your disposal, your credibility will be increased. You will have the option of submitting a bank-specific application to APRs and relevant and flexible benefits, especially with respect to reimbursement. The process of choosing for the unemployed loan application is then the same as for a conventional personal loan. It is necessary to study all existing offers and to make a choice that suits his situation.